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Couple in mid-30s explain how they retired early with £698,000

NewsCouple in mid-30s explain how they retired early with £698,000

Courtney Adcock, 36, and Steve Adcock, 39, were able to retire early while still in their 30s. The couple has a combined net worth of $870,000 (£698,740.50) and lives outside Tucson, Arizona.

The Adocks achieved their goal by being part of the FIRE (Financial Independence, Retire Early) movement.

Those who are part of FIRE contribute more towards their savings and investments while working in order to retire early.

As part of their retirement plan, Courtney and Steve only spend around $40,000 (£32,120.40) a year.

Since retiring, the Adocks’ net worth has increased substantially to around $1.2million (£963,420).

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Speaking to CNBC Make It, the couple broke down why retiring early was a priority for them instead of making millions.

Steve explained: “In my early 30s, I came to the realisation that I just could not spend the rest of my life sitting in front of a computer working 10 to 12 hours a day writing computer code or fixing problems. I knew I needed to change.

“Early retirement for me is not about just not working. It’s about freedom. The freedom to design your day to do whatever you want during the day.”

Courtney added: “What is nice is that our day-to-day lives both have structure but they don’t have to.

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“Because we don’t have full-time jobs, we can choose to do things on a Wednesday or Tuesday or whenever in early retirement.”

Prior to retirement, Steve was making $125,000 (£100,271.25) a year as an IT engineer while Courtney was on $110,000 (£88,238.70) as a software engineer.

Figuring out they needed to save around $870,000 (£698,740.50) by living a more frugal lifestyle, which included moving into a mobile home.

Other expenses, such as eating out, were cut with the couple only spending around $50 (£40.11) on food outside of groceries.

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According to the pair, their decision to budget this way came out of preferring early retirement over spending money on “the nicer things in life”.

Ms Adock said: “We maxed out both of our retirement accounts. We also saved more money than that.

“At one point, we were saving 70 percent of our combined income; all of my income and some of Steve’s.

“That was going into our 401 ks and Roth IRAs but also into a brokerage account and a savings account.”

Mr Adock added: “As a married couple, we have a combined checking account as well as a savings account. We keep everything together. 

“That makes it simple for us. We talked about every single purchase. We agree on everything that we spend money on and it’s very easy. “

As a result of their budgeting and retirement planning, the couple are currently completely debt-free. 

Those interested in following more savings and retirement tips can follow the CNBC YouTube channel.

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